Tilray Buys New York Craft Brewer

High Times reports

The Canadian cannabis company Tilray Brands announced on Tuesday that it is expanding its beverage portfolio with the acquisition of popular New York-based craft brewer, Montauk Brewing.

“Tilray Brands continues to strengthen our U.S. footprint and operations through investments in and growing our portfolio of leading lifestyle CPG brands that resonate powerfully with consumers,” said Irwin D. Simon, chairman and chief executive officer of Tilray. “Montauk Brewing is an iconic brand with leading market share and distribution in the northeast. Tilray Brands intends to leverage SweetWater’s existing nationwide infrastructure and Montauk Brewing’s northeast influence to significantly expand our distribution network and drive profitable growth in our beverage-alcohol segment. This distribution network is part of Tilray’s strategy to leverage our growing portfolio of U.S. CPG brands and ultimately to launch THC-based product adjacencies upon federal legalization in the U.S.”

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Tilray Acquires Popular New York Craft Brewer